Russia is set to take a major step forward in its digital ruble project, with the Bank of Russia announcing Wednesday that it will begin real-world tests with 13 banks next week. The move follows President Vladimir Putin signing the digital ruble law in July. “The launch of pilot operations with real digital rubles is the most important stage of the project,” the Bank of Russia said.
The tests will focus on digital wallets, transfers between citizens, purchases of goods and services using QR codes and simple automated payments. Citizens and businesses should be able to use the central bank digital currency “at their own request” starting 2025, according to Olga Skorobogatova, first deputy governor of the Bank of Russia. By the end of this year, the list of pilot participants will be expanded to include both citizens and companies.
The digital ruble is seen as a way for Russia to circumvent financial restrictions imposed by the U.S. and Europe following the invasion of Ukraine. The tests will be conducted through 13 banks and a limited circle of their clients, with 30 retail outlets located in 11 Russian cities allowing users to pay with digital rubles.